Mainstream macroeconomists have a tendency to see debt as a flow variable, whereas heterodox economists emphasizes that debt should be understood as a stock-flow component in the economy. In this way changes in debt has to do with adjustments in assets and liabilities as well as in the servicing...

The effect of consumer protection on firms' strategy choices in a market with perfect competition is examined in a simple model. It is found that consumer protection may lead to reduced product quality and adverse effects on firm survival

The collusion incentive constraint is an important economic measure of cartel stability. It weighs the profits of being in a cartel with those of cheating and punishment of the remaining cartel members. The constraint places no restrictions on firm cartel, cheating and punishment pricing, but is...

The purpose of this note is to develop a general model of trade between countries in which benefits and costs of free trade and restrictions to trade can be analysed. The model assumes a linear relationship in all of its components and the existence of a general equilibrium in prices in the...

A non-linear model utilising the sine function is proposed as an appropriate model of economic growth over time and is used to examine the link between volatility and economic growth. The most appropriate functional relationship is found by using non-linear generalised least square estimation on...

The rural economy has its advantages and disadvantages to the people and businesses located there. The different advantages and disadvantages between economic settings may be difficult to quantify, but the financial crisis may present a good opportunity to do so. When the financial crisis hit...

Absolute and comparative advantage is examined by creating a guiding principle for assessing to what extent trade is preferable and to what extent an economy has absolute or comparative advantages. The principle builds on the relative use of factors of production domestically, or the internal...

The purpose of this paper is to develop a simple model of oligopoly that can be used to examine the effect on production, pricing and welfare of two groups of firms having different production costs. All firms are assumed to produce a homogeneous good, compete on quantities and firms within the...